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Patrick Rishe, Ph.D.

Patrick Rishe, Ph.D., professor of economics at Webster University’s George Herbert Walker School of Business & Technology, has earned another publication with his paper entitled, “How Event Significance, Team Quality and School Proximity Impact Secondary Market Behavior at March Madness.”  The paper will be published by Sport Marketing Quarterly, which is rated as the third-best journal within the Sport Management/Marketing genre. Professor Rishe was the first author of this paper, along with co-authors Brett Boyle, Ph.D. of Saint Louis University and Mike Mondello, Ph.D. of the University of South Florida.

This is Professor Rishe’s third accepted paper thus far this year.  The first publication addressed secondary price behavior at Final Four, and was published in the June 2014 issue of the International Journal of Sport and Society.  The second publication addressed whether mobile sporting events cause spikes in local hotel revenues and the overall economic impact; this paper will appear in the October 2014 issue of the Mustang Journal of Business and Ethics.

In addition to these publication successes, Professor Rishe has garnered national media recognition in recent months on CBS Evening News, CNBC, CNN, Bloomberg and Fox Business while opining on topical sports business issues such as the impending sale of the Los Angeles Clippers in the aftermath of the Donald Sterling scandal, as well as the economics of the World Cup.  Furthermore, in May 2014 he submitted his 500th Op Ed piece for Forbes.com’s Sports Money section.  These pieces have collectively attracted more than 2.1 million readers since he began contributing articles to Forbes in May 2010.

Join us in congratulating Professor Rishe on these accomplishments by tweeting him @DrPatSportsBiz

 

How to Determine Your Market Value

On July 14, 2014, in Career Insight, by Walker News

Do you know your market value?  A panicked job applicant called me on his cell phone from the company washroom. He had excused himself from a job interview on the pretense of having to use the bathroom. He whispered into his phone, “I did not think we would talk about money at the first interview, but they just offered me the job! They are asking me about salary. I do not know how much this position is worth. What do I do?”

Obviously, you want to avoid finding yourself in this situation. Knowing the market value of the skills you can offer an employer is essential in this competitive, job-hunting environment.  Do you know the market value of positions you are seeking?

Some people put so much time and effort into getting hired, and then shoot themselves in the foot when it comes to compensation. If you do not know what you are worth, find out well before you talk money with a potential employer. There is no reason to go into a job interview unprepared since there are a number of sources you can use to inform yourself.  Here are several resources for finding salary information about the value you bring as well as the value of positions of interest.

Market Value Through Salary Surveys
Of course, the Internet has a number of sites that provide information about salaries. Not only can you find general ranges, but sometimes, very specific information. Good sites include JobStar.org, PayScale.com, Salary.com and CareerJournal.com.

People sometimes have a hard time matching their job to a job title. You will need to pick one, or two, perhaps, that seem close. The job description functionality, if available, can help you select a title most closely related to the level of responsibility you are seeking.  Likewise, many periodicals, including professional journals, will publish salary surveys.

Market Value Through Peers
Your peers are another good source of information. They may not tell you what they themselves make, but they are often very aware and open about what others are making. Professional associations are a good source of peer information.  Attend their networking events, volunteer on a committee, get to know people, and you can get an earful.  Plus, many professional associations will periodically publish salary surveys.

Networking with peers has two added benefits.  First, you will be aware when companies are hiring or have needs you can match with skill and experience. Second, networking with peers can bulletproof your career by keeping you in touch with those in the same industry.  There is so little job security these days that it pays to keep connected.

Market Value For Government Employment
If you are interested in government employment, salary information is often available to the public. For example, a man who was interested in working in the legislature in another state did not know if the positions paid enough or what salary he might be able to request. I advised him to request a list of the salaries of all legislative employees. Armed with this information, he determined that the salaries were in an acceptable range, and he knew how to price himself.

The federal government has a “GS” rating system for positions. For example, a position classified as “GS-9” has a set range within which a person can be paid. While that range is fixed, it is sometimes possible for hiring managers to manipulate the system a bit to bump you up to a higher level, say GS-11 instead of GS-9, and pay you more if they really want you.

Once you have the salary information, using it takes some finesse. You have to know more than just what the average person makes – specifically how your skills and experience compare with that average. For instance, salaries for professional baseball employees have a huge range. A man who dresses as a mouse and is the mascot of a minor league team gets paid more than the players. Meanwhile, the ballplayers who make it to the major leagues can earn annual salaries between a few hundred thousand dollars to well over $10 million annually.

Additional finesse is the key in negotiating for the benefits and perks that sweeten the deal, but that is a topic for another day. A good career coach can help you with these issues.

Do what it takes to learn about your worth in the market. You do not want to leave thousands of dollars on the table!  You have worked hard not only to develop your skills, but also in your job search. Make all that hard work pay off!

About the Author:
david hults-2014David Hults is a nationally known career coach and speaker, as well as a columnist for the St. Louis Post-Dispatch.  He holds a bachelor’s degree in Human Resources from Webster University where he also completed graduate courses toward his MBA.  Since 1987, Hults is the author of five books, a CD coaching series and has created the most sought after interview flash card set, which makes the interview simplified and painless.  His experience in human resources led him to work for Express Scripts, a Fortune 500 company, as well as one of the nation’s largest healthcare systems, BJC.  He has been coaching individuals for more than 20 years on how to break through individual roadblocks while also delivering speeches across the nation discussing how to manage change in careers and organizations today. For more information, visit his website at http://activ8careers.com

 

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This August, we will launch our new 1-Year MBA program. In order to support students enrolled in this program and alleviate some of the financial costs, we have created a new fund to help cover the cost of their textbooks. With your support, textbook vouchers will be awarded to St. Louis area MBA students through a lottery system each term.

Donation Information:
All donations, no matter how big or small, are appreciated. However, a $25 donation is suggested so that there will be sufficient funds to benefit multiple students in the program.

Donations can be made by check to Webster University (include “Walker Textbook Fund” in the memo line) or online. All donations made to the George Herbert Walker School of Business & Technology Fund today through July 31, 2014 will directly support the Walker Textbook Fund, and are fully tax deductible.

Please join us by making a donation.

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The George Herbert Walker School of Business & Technology has three openings for students to work as Graduate Assistants in the Office of the Dean. In addition to earning a $12,000 stipend, Graduate Assistants receive a generous scholarship of $2,903 per semester to be applied to the cost of their graduate school tuition at Webster University.
Graduate Assistants provide support to the Walker School on a variety of projects ranging from event coordination to administrative assistance, data collection and more.
View the complete job descriptions for the Graduate Assistant positions (InternshipsForensics and General), and consider applying today!
Positions are appointed on a one year term beginning August 15, 2014 and ending May 15, 2015. To apply, please submit your resume and a one-page cover letter to Caprice Moore at cmoore@webster.edu.
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pat-rishe-2014

Patrick Rishe, PhD, professor of economics at Webster University’s George Herbert Walker School of Business & Technology, has once again been recognized for his contributions to the field of sports economics.  An acknowledged expert in this area, Rishe’s recent paper, “Do Mobile Sporting Events Produce Net Increases in Tourism, Local Hotel Revenues, and Overall Economic Impact: Evidence Using Smith Travel Research Data,” has been accepted by the Mustang Journal of Business and Ethics for publication.  The article will appear in the journal’s October 2014 issue.

Earlier this year, Rishe’s paper, “Pricing Insanity at March Madness: Exploring the Causes of Secondary Price Markups at the 2013 Final Four,” was accepted for publication in The International Journal of Sport and Society.  This article recently appeared in the journal’s June 2014 issue.

In addition to these publication successes, Professor Rishe has garnered national media recognition in recent months on such outlets as CBS Evening News, CNBC, CNN, Bloomberg and Fox Business while opining on topical sports business issues such as the impending sale of the Los Angeles Clippers in the aftermath of the Donald Sterling scandal, as well as the economics of the World Cup.  Furthermore, in May 2014 he submitted his 500th Op Ed piece for Forbes.com’s Sports Money section.  These pieces have collectively attracted more than 2.1 million readers since he began contributing articles to Forbes in May 2010.

“Patrick Rishe is a force of nature in the arena of sports economics and we celebrate his continued relevance,” Benjamin Akande, dean of the Walker School, said.

Join us in congratulating Professor Rishe on these accomplishments by tweeting him @DrPatSportsBiz

Insights from Innovation Summit

On June 19, 2014, in In the News, by Walker News

innovation-summit-2014Nearly 200 business leaders gathered on June 19 for the St. Louis Business Journal’s Innovation Summit.  Sponsored by Webster University’s 1-Year MBA and XperienceLab, the event featured a panel discussion and audience Q/A about innovation and ways to foster it within an organization.

Walker School Associate Dean Pat Masidonski was among the panelists for the event.  During her remarks, Masidonski emphasized the importance of having an implementation plan when innovating to ensure the project’s success.

Watch a video from the Innovation Summit to learn more.

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A career should be the job that makes you enjoy getting up in the morning.  Unfortunately, as the market continues to flood with candidates, the competition continues to increase.  Career resources are abundant, and everywhere you turn you hear about networking events and job fairs.  But in this market of competition, is it realistic to continue the search and wait for that ideal career position?  Or, should you consider finding a transitional job while continuing to look for your ideal career?

Sally was one of those job seekers focusing on her ideal career, yet struggling with the pressure of the “I just need a job before it is too late and I lose everything I have” mindset.  You see, Sally was a banker and most of her career was spent as a VP managing real-estate investments and estate planning.  Sally, like so many others, was trying to make a career decision based on her skills, experience and what she read as openings on job boards. She was also influenced by what she was reading in the paper and online.  It felt like the marketplace was full of doom and gloom.

Sally was out on the street like everyone else, looking for her next opportunity.  But the real question she had was this: “Now what do I want to be when I grow up?”  She laughed at herself as she thought about it and realized that this might be a chance to do something different. Still, in the back of her mind, she thought, “Yes, I can do many things, but I need to make at least a six-figure salary!”  So what Sally was doing was starting with an ideal number in her mind, and then working backward into a career that met her financial criteria.

Sally spent the next six months looking for career opportunities in banking because it was what she had always done and would most likely be able to pay her well. Or, at least that was what she thought…

During the months she was looking for her “ideal” career, Sally spent some time helping local businesses that she had met and developed a relationship with while she was at the bank.  She began doing a little consulting work with these businesses, conducting financial audits, recommending and giving financial advice and identifying growth opportunities.

What happened next took her by surprise.  Sally started bringing in a real income!  As word spread about her ability to help local businesses with their financial issues, it did not take long for her to notice an increase in workload and salary.  Sally began to make real money, but unfortunately, it still did not reach her six-figure goal.  What she realized, though, was that she was applying to her own life the same advice she had given her clients – how to build a solid financial business model!  Although she had thought living under a six-figure salary was unrealistic, it simply was not true.

Sally once again looked at what she thought her ideal career was and what she “had to have” to find out what was realistic.  Her conclusion confirmed that it was realistic to live on less than six figures, and – yes – actually be happier!

The following are suggestions that will help you think through what makes up a realistic career for you.

Career Realism #1:  Look at the state of your financials.  Where do you spend your money and on what?  What is really necessary?  If you eliminated what is unnecessary, could the starting salary on positions you are seeking be lowered by several thousand dollars per year?  Lowering the salary range on positions opens up new opportunities that may be of interest to you.  This does not mean giving up everything.  But we all know that we can tend to be excessive.  For instance, lower the number of times you eat out each week or repair clothes and shoes as opposed to buying new.  Work at making your life simpler.

Career Realism #2:  What work is really satisfying to you?  Sure, you have an expertise in an area, but can this skill be applied in another area or industry?  For example, my known skills and the manner in which I work give me the expertise to be a career coach.  But they also are skills that could have made me successful in landscaping! Two very different careers, but a skill set that gives me expertise and a work ethic to excel in either.  Think outside the box.  Where could you apply your skill besides the industry you are currently in?

Career Realism #3:  Networking, networking, networking!  I know I say this a lot, but it is especially true if you want to consider other opportunities, think outside the box and discover where your skills can be used.  Talk to people in various industries.  Find out what they know and do in their industry and assess if this could be the right career fit for you. Ask them for an introduction to other people that could shed some light when you are investigating the job and culture fit.  This is not a job interview, but an informational meeting.  Gather information about specific industries that interest you.  They will gladly lead you to job opportunities if they know of one.  They just might be the one to walk you through the back door of the company. Never ask if they know of an opening.

The challenge for all of us is to not draw conclusions on the “ideal” career, but to ask ourselves, “What else could I do, and what is realistic?” The answer is not found in your own reasoning but in fact finding.  Sally created an opportunity for herself and now makes – you guessed it – over six figures!

Is your ideal career getting in the way of what is realistic?   You might find that what is realistic might be your ideal career. And, yes, you might even be happier!

About the Author:
david hults-2014David Hults is a nationally known career coach and speaker, as well as a columnist for the St. Louis Post-Dispatch.  He holds a bachelor’s degree in Human Resources from Webster University where he also completed graduate courses toward his MBA.  Since 1987, Hults is the author of five books, a CD coaching series and has created the most sought after interview flash card set, which makes the interview simplified and painless.  His experience in human resources led him to work for Express Scripts, a Fortune 500 company, as well as one of the nation’s largest healthcare systems, BJC.  He has been coaching individuals for more than 20 years on how to break through individual roadblocks while also delivering speeches across the nation discussing how to manage change in careers and organizations today. For more information, visit his website at http://activ8careers.com.

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Students from Webster China in St. Louis, Missouri, USA

This summer, nearly a dozen students enrolled in the joint MBA program at Shanghai University of Finance & Economics and the University of Electronic Science & Technology of China are studying at Webster University’s home campus in St. Louis, Missouri, USA.  In addition to taking course for their master’s program, the students will visit various corporations to learn how business works in the U.S., and many have trips planned to travel around the country.

Prior to the start of the summer semester, students spent time with Benjamin Ola. Akande, dean of the Walker School of Business & Technology.  Dean Akande told the students that being in the U.S. is an opportunity for them to make new friends and new connections.  ”I encourage you to go out of your way to meet people,” he said.  ”Find out about them; from their life to their work.  These connections could be the foundation you need to do business with them or go to work for them in the future.”

 

seminars.jpgFrom cybersecurity to networking, social media, nonprofit management, global entrepreneurship, corporate social responsibility and more, this summer the Walker School is offering an accelerated professional development seminar series.  The one-day courses are structured to provide participants with fresh perspective and relevant insight that informs their leadership journey.

The seminars are open to undergraduate and graduate students as a one-credit hour course. Community members may also register for a fee of $150 per seminar. A Certificate of Completion will be awarded to non-degree seeking students in recognition of their participation in each seminar.

All seminars will be held from 8 a.m. to 5 p.m. CST at Webster University’s East Academic Building, 545 Garden Avenue, St. Louis, Missouri 63119. View the seminar schedule and learn more.

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innovationJoin us Thursday, June 19 from 7:30 – 9 a.m. for the Innovation Summit.  Co-sponsored by Webster University’s 1-Year MBA, the event will feature a panel discussion where leaders will share their views on innovation and what it means for St. Louis. Panelists, including Associate Dean Pat Masidonski, will also offer insights on ways they have facilitated innovation in their organizations as well as how they assist organizations using innovative methods that can enhance business.

The event will be held at the Danforth Plant Science Center, 975 North Warson Road, St. Louis, MO 63132.

This is a free event and attire is business casual.

Register to attend.

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